A number of companies, both in the domain of space and transport, are getting ready to launch or have already launched tours, ranging from a few hours to a few days for space tourism. Accordingly, the global parabolic flight tourism market size is expected to reach USD 214.5 billion by 2030, says a study by Polaris Market Research, a global market research and consulting firm. The report gives a detailed insight into current market dynamics and provides analysis on future market growth.
The report says that growing investments and rising technological advancements in space and tourism industry are expected to drive market growth during the forecast period. The technological advancements in the space tourism industry are enhancing the development of special aircraft such as parabolic flights and superior rockets at a faster pace which allows space travelers to travel into space and gain advantageous experiences. Additionally, developing economies across the world are exploring space programs which in turn is further contributing to the overall market growth.
The thriving space and tourism industry and increasing interest among consumers with high disposable income are other factors that are contributing to the overall market growth. In the coming years, space tourism is anticipated to make space more accessible to common people who are not involved in any astronaut or research profession. Key players planning to offer low-cost choices will be entering this market soon, which will further contribute to the market growth in future.
Polaris says that countries like US and China are the major countries that can generate largest revenue from space tourism businesses. All the players operating in the market have their presence in these countries, especially in US followed by China and Japan, which have high-net-worth and ultra-high-net-worth individuals and can be considered as the most viable options for space tourism business. The report cites the case of Japanese businessman Yusaku Maezawa who went on a 12-day mission to the International Space Station which landed back on the Earth in December 2021.
The market is all set to witness significant growth in the coming years due to multiple competitors, which are investing huge amounts of capital in their R&D to integrate modern technology in spacecraft used for travel/tourism.
The report says that scientific research and exploration segment is anticipated to grow dominantly over the forecast period owing to the growing demand for parabolic flights to conduct space research and to increase test readiness levels to get successful experiment results. It adds that governments account for a major revenue share, which is accelerated by various initiatives taken by governments of various countries to spread the use of parabolic flights. It says that for instance, Singapore’s government has taken an initiative to develop technology infrastructure and to encourage private research and development activities. On the other hand, the commercial segment is projected to grow at the fastest CAGR during the estimated period.
Polaris report says that North America garnered the largest revenue share, owing to the well-developed infrastructure and access to a highly advanced technological research and development base, contributing to the overall market growth across the region.